Whilst many solutions for the highly interconnected risks from climate change will need to be sought at a multistakeholder level, there are specific actions businesses can take and tools they can use, and you can now access to these new insights in the "Managing the impacts of climate change: risk management responses – second edition" from Zurich Insurance Group.

Managing the impacts of climate change: risk management responses – second edition

Creator: Zurich Insurance Group
Type of methodology: Methodological recommendations
Approach type: CVRA (Climate Vulnerability and Risk Assessment)
Short description: No methodology, but suggests using a catastrophe model to identify, assess and manage natural catastrophe risk for climate change-related hazards.
URL to access information about the tool: https://www.zurich.com/-/media/project/zurich/dotcom/industry-knowledge/global-…
Hazards covered: Others
Audiences: Architects and engineers
Assessment level: Business line
Evaluation system:

N/A

Strengths:
  • Draws attention to the need to assess climate risks for businesses/assets
  • Defines CVRA-related concepts from the point of view of the industry
Limits:
  • Not specific to buildings
  • Does not describe steps of a specific methodology
  • Involves modelling

The report identifies three key steps that are crucial for companies to develop a climate resilience adaptation strategy:

  • Step 1: Identify the broad business and strategic risks;
  • Step 2: Develop a granular view of the risks involved;
  • Step 3: Develop a mitigation strategy involving Insurance.

They suggest using a catastrophe model to identify, assess and manage natural catastrophe risk for climate-change-related hazards.